What we know about the Lpesa loan app.

[Update : 27.07.2021]

In this article, we will look at Lpesa loans. That is their personal loans and business loans. Lpesa personal loans are sent directly to your Mpesa or Airtel money account after a quick verification and approval while small business loans are given minimum weekly repayments and are flexible for MSMEs. Services are available in Kenya, Uganda, Tanzania and Israel, just to mention a few.  

How much is the exact cost of a loan from Lpesa &  representative example?

The Loans amounts for Lpesa range by the selected country. Loans for Kenya range from 100 Ksh – 70,000 Ksh over a 1 – 52-week term with repayment periods going up to 24 months.

Interest rates on the other hand range from 13% – 29% with an equivalent monthly interest of 2% – 16% and, APR rates from  22% – 199%. Kindly note that this is determined by your credit profile and loan amount awarded.

From medium to long term, a maximum period of 2 yrs, your APR will get to as much as 65%. In the short term, it can get to 165%.

A personal loan worth Ksh. 2,060 taken over a 7 week period will look like this:

-Total Payback Ksh 2,631.

-First weekly subscription = Ksh 342.

-Midweek subscription =Ksh 403.

-Last Week subscription = Ksh 342. 

Where can you download the Lpesa loan app?

To download the Lpesa loan app, head to Google Play Store. Alternatively, interested customers can always apply through their website from any device with internet access.

Unfortunately, this convenient application is unavailable on Apple stores and does not have a USSD version at the moment for customers without smartphones.

Not many lending companies support IOS users. To our best knowledge, Zenka is the only lender offering the app for the IOS system. You may apply for a Zenka loan via the app (for IOS and Android)  (https://kashy.co.ke/companies/how-to-apply-for-a-loan-in-kenya-zenka-finance/). Okash is not compatible with IOS feature phones.

Eligibility and requirements to get a loan from Lpesa.

L-Pesa makes getting a personal loan simple by using the data on your phone, including your SMS history and transactions to verify your identity and create a credit score. 6 months of history with one of their mobile banking partners and a minimum of 10 transactions performed on your mobile banking account is required.

Data you choose to share with Lpesa is encrypted. Customers privacy is taken very seriously and Lpesa assures  to not share your information with third parties.

If you meet their criteria of a 6-month history and a minimum of 10 transactions history with any of their mobile banking partners, you can get your loan within 5 minutes deposited directly into your mobile money account.

Other requirements are definitely,

  • A registered phone number. Both Safaricom and Airtel lines are allowed here.
  • National ID, drivers license and/or Passport.
  • Android phone.
  • Selfie.
  • Be above the age of 21.
  • Must have a working email address.

How can you get a loan from Lpesa Loan App?

The only criteria to qualify for Lpesa microloans is you must be an active user of mobile banking services with at least 6 months history with one of their mobile banking partners, and a minimum of 10 transactions performed on customers mobile banking account. Before Lpesa begins automatic deductions, customers need to give full authorisation.  

To access personal loans, follow these  steps after downloading the app and registering with your preferred phone line:

  1. Input your mobile banking number in to ‘loan application’ and click apply now
  2. Upload proof of address, National  ID or driving license.
  3. Wait for verification on loan approval.
  4. Check your MPesa or Airtel money wallet. If approved, money should reflect.

Disbursement and Repayments at Lpesa.

Lpesa guarantees that once approved of their loans, Monies will be deposited to your Mpesa or Airtel money account in under 5 minutes.

There are no late charges or rollover fees. If late with your repayment, you are given a 30 days grace period and are allowed Minimum and anytime repayment. Therefore, do not take advantage of the said privileges! Pay your loans on time by using the pay bill number for Lpesa 715489. 

  1. Go to the Mpesa menu, Select pay bill.
  2. Enter business number 715489 and the number you used to borrow the loan as the account number.
  3. Input amount and pay.

What are the penalties for late repayment of a loan at Lpesa?

Generally, to avoid penalties, repay your loans on or before your due date to save money.

Delays in repayment will affect your credit score and reduce your loan limits. Also, you will be charged a fine of a 2% nominal fee plus another 7%.

It is important to note, delays in loan repayments negatively impact your chances of getting future loans with other digital lending platforms.

Offers, Promotions and Rewards from Lpesa.

Unique features with Lpesa are a lot as compared to other mobile lenders in the Kenyan market.

For instance, they have a 5 week loan repayment period that applies for short loans. You can even choose daily repayment periods! Wow! from us. We see this as a great opportunity for small business owners, and especially after the year we have had,! Daily instalments are the much-needed breaks.

Should you qualify for a bigger loan, the loan period will grow to more and more weeks.

Also, as a business opportunity, you can be a Lpesa virtual agent. How? You ask. You partner with Lpesa. The latter will support you as an agent on matters of daily cash flow management. Those funds can be accessed within the app and in minutes. You can be any agent with mobile banking. Be it  Safaricom or Airtel money.

For promotions and rewards, visit the Lpesa website to read more on how they reduced penalties on old personal due loans.

Is my information with Lpesa safe & secure?

Lpesa encrypts the data you choose to share with them to protect customers privacy. They take customers privacy very seriously and promise to never share customers information with third parties.

Contacts for Lpesa.

For email assistance forward your queries to [email protected] or email:[email protected]

Prefer to use social media? redirect to Facebook with the following link- https://www.facebook.com/lpesacareske/

To get an in-depth look at their services and live chat support, visit the Lpesa website at https://l-pesa.com/.

OKash vs other mobile lenders

Mobile Loan Apps in Kenya (payday loans via app or ussd)
Loan amount KES
Term days
Loan cost:
0.00KES
RRSO:
0%
Total loan cost:
2000.00KES
Możliwy zakres pożyczki

kwota:

od 500.00

do 20000.00

okres:

do 1 dnia

do 30dni

18352
Osoby wybrały tę ofertę
Choose this offer
1
Loan amount
From KES500.00 to KES20000.00
FIRST LOAN FOR FREE (0% COMMISSION, 0% INTEREST, NO REGISTRATION FEE)
Loan term
From 1 days to 30 days
Available via USSD
Yes
*841#
Extensions
Yes
Loan extensions are a feature that gives you more control over your loan by letting you postpone your due date by 7, 14 or 30 days.
More information
Downloading and using Zenka loan application is straightforward and it takes less than three minutes to sign up and apply for a loan. Upon approval, money is sent directly to your phone via Mpesa. Additionally, Zenka Finance provides a fast, reliable and convenient way to access a loan whenever you need it. What makes Zenka loans ideal for any Kenyan is that the loans do not need any collateral, they get approved fast, and an individual can access higher loan amounts at a low fee.
Loan cost:
220.00KES
RRSO:
513%
Total loan cost:
2220.00KES
Możliwy zakres pożyczki

kwota:

od 2000.00

do 30000.00

okres:

do 21 dni

do 30dni

7453
Osoby wybrały tę ofertę
Choose this offer
2
Loan amount
From KES2000.00 to KES30000.00
Loans up to KSh 30,000.
Loan term
From 21 days to 30 days
Fees from 5-15%.
Available via USSD
No
Extensions
No
More information
Tala is a lending company that was initially called ‘Mkopo Rahisi.’ It has been operating in Kenya since 2014. The company has an android application where registered users can access instant loans using their smartphones without any need for collateral.
Loan cost:
260.00KES
RRSO:
737%
Total loan cost:
2260.00KES
Możliwy zakres pożyczki

kwota:

od 500.00

do 10000.00

okres:

do 2 dni

do 30dni

5907
Osób wybrało tę ofertę
Choose this offer
3
Loan amount
From KES500.00 to KES10000.00
Loan term
From 2 days to 30 days
Available via USSD
No
Extensions
No
More information
Okolea Loans are digital loans deployed via an android app called "Okolea" which is readily available on Google Play Store.
Loan cost:
336.00KES
RRSO:
1387%
Total loan cost:
2336.00KES
Możliwy zakres pożyczki

kwota:

od 2000.00

do 10000.00

okres:

do 14 dni

do 14dni

4150
Osób wybrało tę ofertę
Choose this offer
4
Loan amount
From KES2000.00 to KES10000.00
Loan term
From 14 days to 14 days
Available via USSD
No
Extensions
No
More information
Looking for Quick loans cheza cash in Kenya? OPesa offers the fast and affordable loans to you. No paperwork, collateral or office visits needed. You just need to install the APP, fill the questions, and make the application. The money will be credited to your M-Pesa account in a few minutes. Easy to get Cash here.
Loan cost:
600.00KES
RRSO:
9460%
Total loan cost:
2600.00KES
Możliwy zakres pożyczki

kwota:

od 500.00

do 10000.00

okres:

do 21 dni

do 30dni

3520
Osób wybrało tę ofertę
Choose this offer
5
Loan amount
From KES500.00 to KES10000.00
Loan term
From 21 days to 30 days
Available via USSD
No
Extensions
No
More information
The new GetBucks app aggregates your data to show you a seamless overview of your financial landscape.
Loan cost:
700.00KES
RRSO:
18322%
Total loan cost:
2700.00KES
Możliwy zakres pożyczki

kwota:

od 500.00

do 50000.00

okres:

do 1 dnia

do 30dni

3965
Osób wybrało tę ofertę
Choose this offer
6
Loan amount
From KES500.00 to KES50000.00
Loan term
From 1 days to 30 days
Available via USSD
No
Extensions
No
More information
Berry, Kenya’s newest mobile money lending App, credits you with low cost loans with flexible repayment schedules. Get the cash simply and swiftly straight to your mobile wallet.

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